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When Is The Best Time to Claim Your Social Security Benefits?

When Is The Best Time to Claim Your Social Security Benefits?When the economy went down, many Baby Boomers’ anxiety levels went up about having enough money to retire. For many, it has been tempting to start receiving Social Security benefits early to make up for lost income.

However, statistically, it is far better for you to wait until the maximum retirement age before you file to claim your benefits. Don’t know what your max retirement age is? Use this handy Social Security website calendar to get your calculation, based on your year of birth.

For example, if you were born in 1950 and think you want to start receiving your benefits at the earliest possible age (62), you will only be entitled to 75 percent of your benefits. If you wait another 4 years and file for benefits at the age of 66, you will receive 100 percent of your retirement benefit.

For married couples, there are some more sophisticated strategies to consider to collect early Social Security and still enjoy the maximum available benefits, including:

File and Suspend – The higher earning spouse files for benefits as soon at full retirement age, then immediately suspends his/her benefits. This enables the lower earning spouse to select the higher benefit -- half of the higher earning spouse’s benefit plus his/her own. The higher earning spouse then delays receiving benefits -- which will be larger -- until age 70.

Double Dip – This is achieved by filing first for a spousal benefit, then taking your own benefit after age 70. Doing this will provide you with a larger check in the future.

62/70 Strategy – The lower earning spouse files for benefits at age 62 and the higher earning spouse does not file for benefits until age 70. The higher earning spouse files for a spousal benefit once he/she reaches full retirement age. When the higher earning spouse turns 70, he/she drops the spousal benefit to claim his/her larger benefit.

Your Florida estate planning attorney can help you with the big picture when it comes to retirement, not just one piece of the puzzle. Contact our Florida law firm for more information.

Categories: Retirement Planning
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The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169